Credit Unions Help U-Haul Refinance Corporate Debt

In a move to establish relationships with new lenders, AMERCO, the parent firm of U-Haul, said it recently partnered with four credit unions and 19 banks to fund $100 million of the moving company’s corporate debt.

BancAssets LLC, a majority-owned interest of Austin, Texas-based BancVue, a provider of products, marketing, and data consulting solutions to financial institutions, said it closed the loan with MidFirst Bank serving as the lead bank and agent.

The deal closed on Oct. 8 and represents a new channel for community financial institutions to participate in large and middle-market corporate financing deals, a market normally dominated by the world’s biggest banks, according to BancAssets.

“This transaction allowed us the opportunity to partner with new lenders that we may not have been exposed to previously, thus helping to contribute to the revenue that community financial institutions need to serve their communities,” said Gary Horton, treasurer of the Reno, Nev.-based U-Haul.

BancAssets said it identifies, structures, arranges, and administers loans for large and middle-market corporate clients in partnership with community financial institutions. BancVue serves nearly 700 financial institutions and its product offerings include Kasasa, a checking account rewards brand.

“We’re successfully bringing Main Street to Wall Street, offering community institutions opportunities they may not typically have access to on their own,” said David Hill, CEO of BancAssets. “What’s more, loan opportunities like these enable our partner institutions to boost loan growth, which is increasingly important to earnings.”

The financial institutions that participated in the U-Haul loan deal were: